WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
GM unveils Europe restructuring plan
The head of General Motors’ Europe arm told anxious German workers on Monday that he would have to restructure production of a key model in order to help return the European operation to profitability.
Paul Smith plans fresh move into China
British fashion brand Paul Smith plans to open a 5,000 sq ft flagship store in Shanghai as part of its second attempt to crack the Chinese market, five years after losses forced it to retreat from the country.
LightSquared files for bankruptcy protection
LightSquared, the satellite venture of Philip Falcone, has filed for bankruptcy protection after the billionaire investor was unable to reach agreement with creditors. The company faced a 5pm deadline yesterday before a covenant waiver agreed by holders of LightSquared’s $1.6bn of debt expired.
THE TIMES
Recovery expert charges £6,000 a day to axe jobs
Turnaround expert Donald Muir stands to earn £470,000 for six months’ part-time work while the accountancy firm he was brought in to save cuts a tenth of its workforce, it has emerged. Muir was parachuted in to help RSM Tenon.
New lease of life for bank
The 105-year-old banking name of Singer & Friedlander has returned to the City after it was bought out of administration by a group of former staff.
The Daily Telegraph
Sir John Peace calls on cavalry to halt bonus cap
Sir John Peace, chairman of Standard Chartered, has called on the political “cavalry” to lead the charge against European plans for a bonus cap that could cripple Britain’s financial services industry.
Banks changes to SME loans “unlawful”
Banks are “unlawfully” changing loan terms and refusing to negotiate with small businesses, a law firm has claimed.
THE WALL STREET JOURNAL
Cash crisis hits aerospace
A Spanish manufacturer of critical aircraft components for major aircraft makers including Airbus, Boeing and Embraer is slowing production and struggling to pay its bills. Alestis Aerospace is facing a cash crunch because of Spain’s banking crisis.
Activision reaches into its game vault to rev up revenue
Activision Blizzard, the world’s biggest videogame maker, is banking its future on games that go back more than a decade.